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Prof Says SEC May Plan Political Money Rule Despite Budget

Law360, New York (December 22, 2015, 5:20 PM EST) -- The U.S. Securities and Exchange Commission is free to continue planning rules requiring corporate disclosure of political spending despite passage of Republican-backed budget language prohibiting the agency from using 2016 dollars to finalize, issue or implement such a policy, a Harvard scholar's Tuesday legal opinion says.

The opinion, offered by Harvard Law School professor John C. Coates IV, differentiates between planning for such a rule and finalizing, issuing or implementing it. More than 90 federal lawmakers support disclosure, including Sens. Charles Schumer, D-N.Y., and Elizabeth Warren, D-Mass., and Reps. Michael Capuano, D-Mass., and Chris Van Hollen, D-Md.

The budget signed by...

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